Blog > Why it is Important to Review Business Insurance Annually
The majority of new business owners are mostly concerned about everything being favorable for the safety and success of their businesses, which means they must obtain the necessary business insurance. However, complacency can result from success and longevity. For example, if a person started a business 10 years ago with only a small workspace but has an office with multiple workers now, they may still have the same insurance policy they purchased when the business first started. If this is the case, it would be insufficient.
Business owners should review their policies every year to make sure there are no errors and that they are not under-insured. Circumstances can change errors happen and policies may have still been obtained with caution and care. Substantial risks and expenses can occur without yearly analysis. It is common for smaller businesses to use basic insurance when they first get started. General liability policies and commercial property insurance are two common examples. As their businesses evolve, most people find that they need other forms of coverage.
If employers experience an increase in the number of workers they have or have a high turnover rate, it is important to think about employment practices liability coverage. Workers’ compensation coverage may also be required if new workers have recently been added. For more information on obtaining the right coverage, discuss concerns with an agent.
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